Money laundering is a topic of wide discussion not only in British Columbia but also across the nation. This is especially true following the official submission of the two money laundering reports focusing on British Columbia’s housing market. It also highlighted the situation in Alberta and Ontario, but reactions from those have been rather skeptical ones.
Up until now, British Columbia has been eyed as the province most likely to welcome criminals willing to wash criminal proceeds and all eyes were set on it. In the most recent report devised by Maureen Maloney discoveries showed that more than CA$47 billion was washed on a national level over 12 months solely. The report shows that provinces to the likes of Alberta, Ontario, and the Prairies are the most vulnerable areas of Canada.
Ontario and Alberta Shocked
It should be pointed out that British Columbia saw only CA$7 billion laundered over the same period 和 only about CA$2 billion were washed via the local gambling field, considered being among the most appealing ones for criminals. Mrs. Maloney pointed out that the estimations came as a result of the use of reliable mathematical models.
Prior to the report publishing, there was a period of contemplation whether or not the team should issue the information. It affects a vast number of locations and industries and aims to show an accurate representation of the status quo in Canada. Upon further consideration, she concluded that Canadians deserved to have all the information, not solely focusing on British Columbia, already marred by money laundering.
The housing market was the main focus of this second wave of money laundering reports. Vancouver quickly became an area where very few people could afford to purchase a home and live permanently. The report aimed to show the true extent of this issue but ended up revealing that this issue does not disappear at the borders of British Columbia.
Action Would Be Taken Soon
The response to this information was a mixed wave of reactions, the prevalent one being an overwhelming doubt. Alberta Justice Minister Doug Schweitzer pointed out that the reported amount should be taken with a grain of salt, as it does not represent actual figures. It was also pointed out that the province takes such issues seriously and acts upon them.
He further elaborated that when dealing with issues such as these, the province relies on actual facts and agencies tackling them, instead of estimates. Since the criminal activity is a rather covert one, the actual figure laundered would be impossible to pinpoint, but estimations could be made. Ontario was also surprised by the figures, something that prompted action as soon as the information was publicly issued.
Now the provincial real estate association would seek more information on all individuals owning a property with the help of corporations or trusts. More information would be issued on that in the foreseeable future, as the province is willing to take matters into its own hands and prevent the crisis from expanding even further.
In the meantime provinces to the likes of Saskatchewan and Manitoba would also put in the effort to minimize the negative impact of money laundering. The former has started work on a new legislative amendment that would call for transparency when it comes to big corporations. The local gambling field is also reported to be among the most vulnerable ones on a national scale.
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